Oct 27, 2024

6thTrade

The popular dog-themed cryptocurrency, Shiba Inu (SHIB), is on the cusp of a significant price barrier. Currently, over 422 trillion SHIB tokens are held in a concentrated range between $0.000018 and $0.000019—a level of resistance that could shape the token's immediate future.

At the time of writing, SHIB has seen a slight increase of 0.77% in the past 24 hours, bringing its value to $0.000017. However, its price momentum may soon encounter a roadblock due to the sheer volume of tokens at this resistance level. According to data from IntoTheBlock, 35,600 SHIB wallets hold nearly 422.85 trillion tokens within this price range, where many holders may look to sell at or near their average break-even point. This dynamic could create heavy selling pressure, making it harder for SHIB to move beyond this threshold in the short term. $SHIB

What Could Be Next for Shiba Inu?

For Shiba Inu’s price to gain upward traction, buyers need to step in with fresh momentum to counter the substantial selling pressure at this resistance. If SHIB can attract enough interest, it could break through this wall and potentially unlock new price levels. However, this process may require patience, as the current supply concentration has created a formidable barrier.

SHIB’s price is also largely influenced by the broader cryptocurrency market and particularly the performance of other meme tokens. A rally in the meme coin sector could bring renewed buying enthusiasm, potentially helping SHIB overcome its current resistance levels.

Technical Outlook: Key Levels to Watch

Technically, SHIB’s price is oscillating between its daily 50-day and 200-day moving averages (SMA), which sit at $0.0000164 and $0.0000186, respectively. These levels provide short-term guidance, and a break beyond either could signal SHIB’s next move.

  • Upside Potential: If SHIB manages to break above the resistance at $0.0000186, it could set its sights on higher targets of $0.0000216 and $0.0000263.

  • Downside Risk: A dip below the 50-day SMA could indicate a return to a lower trading range, with support likely around $0.000012.

For now, Shiba Inu’s fate hangs in the balance as it contends with a large volume of resistance. The token’s next move will likely depend on a combination of fresh buying momentum and broader market trends in the cryptocurrency space.


Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.